16th May 2017
That was a fairly weak bull Monday yesterday, and the FTSE failed to rise up to the 7474 resistance level. But it didn’t decline either, with both bears and bulls trying to gauge the next move (or more likely, make sense of whats going on!). The Dax short from 12830 yesterday worked well as that dropped steadily throughout the morning. The S&P tried again to break and hold above 2400 – only dipping back below overnight, but still at 2399. Gold hit the 1237 resistance level and fell back, the bulls unable to break the Raff channel and 200ema (daily) resistance level there. If they do manage to push above that area then 1265 is next resistance. We have a 20 point dividend tomorrow on the FTSE, as well as inflation data in the UK today at 09:30, so even though its bear Tuesday we may well only see a little bit of weakness today (famous last words!).
FTSE 100 Outlook and Prediction
For today I am expecting to see a bit of a dip. I know that we havent had many of them for a couple of weeks now, but for the first time in a while the 30min chart has a bearish moving average set up. We also still have that resistance at the 7475 level with R1 today, and the 2 hour chart could be setting up to go bearish later today. Its not confirmed so a bit of a punt short off the 7474 area, but probably worth a go. Above this then 7504 is the next resistance area to try shorting off if playing the resistance levels.
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